Initially, four post offices in State to be interconnected for savings bank account operations
Automated teller machines (ATMs) and debit cards will no longer be restricted to banks.
The State’s first ATM for postal savings account holders will be set up at T. Nagar head post office by next month.
This pilot initiative is part of the postal department’s project to network post offices with core banking facility on the lines of banks.
In the initial phase, four post offices have been chosen to be interconnected for savings bank account operations.
Officials of the postal department said the post offices at T. Nagar, Greams Road and Old College Building at DPI campus in Chennai and Karaikudi will be interlinked.
The savings accounts of nearly 1.30 lakh postal customers in the three city post offices will be networked. Customers need not wait in queues at post offices just to withdraw cash. The core banking facility will allow people to carry out transactions from any of the networked post offices across the State, an official said.
At T. Nagar head post office, the ATM is being constructed at a cost of Rs. 5 lakh.
“We are providing the ATMs with ramps so they will be disabled and senior citizen friendly,” the official said. Nearly one lakh savings schemes customers at T. Nagar will be able to access their accounts from the networked post offices and use debit cards.
Senior citizens and monthly-income scheme account holders who frequently carry out transactions will benefit from the ATMs, said an official at the T. Nagar post office.
Postmaster general (Chennai city region) Mervin Alexander said all the 230 post offices in the city and its fringes would be networked with core banking solutions in two years.
Customers will be able to perform a number of operations, including pay bills and order cheque books, through net and mobile banking.
“We expect the modernisation of post offices to attract more customers. But, money transfer from one account to another through online and mobile banking may take another year to be implemented. We are waiting for approval from the Reserve Bank of India,” he said.